Kudlow opposes estate taxes, as well as taxes on dividends and capital gains. He also advocates that employees be compelled to make greater contributions to their pension and medical costs, suggesting that these expenses are an undue burden on corporations and defends high executive compensation as a manifestation of market forces and opposes most forms of government regulation. In general, he describes himself as a 'supply-side' economist, arguing that reducing taxes will increase governmental revenue through expansion of the overall economy. Kudlow is a Ronald Reagan supply-sider. He is also a self-confessed long-time alcoholic and cocaine abuser.
In 1987 Kudlow wnt to work for Bear, Stearns & Company for the second time serving as their chief economist and senior managing director. He was fired in 1994 after his out-of-control drug use resulted in him missing an important client presentation. Kudlow who has been married three times had at the requrest of his third
wife's divorce attorney agreed to check into a drug-treatment program at Hazelden Foundation in Minnesota. He said this about himself regarding the matter: “I’m on top of this thing, God bless,” he said. “Maybe somebody reading about this somewhere will be helped."
So how did the treatment go for him?
The New York Times checked up on him 15 months later in July, 1995, and the what they found was reported in the paper as follows:
"Fifteen months ago, Mr. Kudlow made a highly public confession of his drug problem shortly after he was forced to resign as chief economist at Bear Stearns. He also made a fresh career start as a conservative political commentator for television and magazines and said he believed that he had overcome his addiction.
…But over the weekend, Mrs. Kudlow petitioned for a divorce and an order to prevent Mr. Kudlow from tapping their Bear Stearn’s retirement account to pay for a weeks-long cocaine binge. “The defendant will use such money to buy cocaine,” she stated in an affidavit, “and in so doing will likely suffer a fatal overdose and will dissipate the only remaining liquid marital assets.”
What about his track record?
On June 26, 2002, in a commentary by Kudlow he called for the US to attack Iraq because "a lack of decisive follow-through in the global war on terrorism is the single biggest problem facing the stock market and the nation today." Kudlow was one of 250 economic experts to sign an open letter dated February 12, 2003 endorsing George W. Bush's policies on economic growth and jobs.
Kudlow firmly denied that US would enter a recession in 2007 or that the US was in recession in early and mid 2008. In December, 2007 he wrote: "The recession debate is over. It's not gonna happen. Time to move on. At a bare minimum, we are looking at Goldilocks 2.0. The Bush boom is alive and well. It's finishing up its sixth splendid year with many more years to come". In May, 2008 he wrote:"President George W. Bush may turn out to be the top economic forecaster in the country" in his "R" is for "Right".
This is the man who lectures the American people nightly about the virtues of conservative politics and supply-side economics. The Obama administration surely needs more folks like him commenting on their job performance.
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